Fresh Graduates Push Philippines’ Unemployment Rate to 4.7 Percent in July 2024 from 3.1 Percent in June 2024

The country’s unemployment rate surged to 4.7 percent in July 2024 from 3.1 percent in June as many fresh graduates entered the labor force but struggled to secure jobs in this period, the Philippine Statistics Authority reported on Friday, September 6. 

Newly graduates of college and K-12 contributed 1.02 million or 43 percent of the total unemployed population. The youth unemployment rate increased to 14.8 percent, up from 8.6 percent in June 2024 and 14.2 percent in July 2023.  

Preliminary findings from the July 2024 Labor Force Survey (LFS) revealed that the number of unemployed Filipinos stood at 2.38 million, higher than the 1.62 million last month. However, this figure is slightly lower than the 4.9 percent unemployment rate recorded in July 2023.  

Meanwhile, the number of underemployed individuals, or those who expressed additional work hours in their present job or to have an additional job, remained steady at 12.1 percent equating to 5.78 million Filipinos. This is lower than the 15.9 percent underemployment rate recorded in July 2023. 

In response, National Economic Development Authority (NEDA) Secretary Arsenio Balisacan stated that the government is working to attract job-generating investment, expand social and physical infrastructure to boost employment prospects, and implement reskilling and upskilling programs to enhance job security and adaptability. He also mentioned that the NEDA is finalizing the Trabaho Para sa Bayan Master Plan to improve job opportunities and skills development for Filipinos. 

Contributors to Unemployment and Underemployment

The LFS showed the five sub-sectors with the highest annual increase in employment in July 2024:

Meanwhile, the LFS identified the top five sub-sectors that recorded the highest annual decrease:

Moreover, the top five sub-sectors with the most significant decline from April 2024 to July 2024: